Russia’s oil export revenues decline amid falling global oil supply

Russia’s exports of oil and petroleum products remained largely unchanged in May 2026 compared to April, totalling 7.35 million barrels per day (bpd), an increase of 0.14%, amid decreasing global oil supply, according to the International Energy Agency (International Energy Agency).

It said export revenues fell by 3.26% to $20.79 billion due to lower energy prices, Caliber.Az reports, citing Russian media.

Crude oil shipments increased by 170,000 bpd, whereas petroleum product exports declined by 150,000 bpd.

Revenue from crude oil exports reached $14.56 billion, up by $130 million from April, while revenues from petroleum products stood at $6.23 billion, down by $840 million.

Compared to May last year, Russia’s oil export revenues increased by $8.18 billion.

In a separate report, the IEA said global oil supply fell to 94.5 million bpd, down by 600,000 bpd from April and 13.6 million bpd below pre-conflict levels.

The agency slightly raised its forecast for global oil supply in 2026 by 0.2 million bpd compared to its previous report. It now expects global supply to fall by 3.9 million bpd to 102.4 million bpd this year.

The IEA added that global supply is expected to recover in 2027, rising by nearly 8 million bpd to 110.3 million bpd as conditions in the Middle East normalise and exports through the Strait of Hormuz gradually resume.

It also noted that the decline reflects expectations of only a gradual recovery in Gulf production, with full normalisation likely taking several months.

By Bakhtiyar Abbasov